Main reasons to start your Upton lease extension

Top reasons for lease extension now:

Increase your lease and increase your Upton property value

The nearer a domestic lease in Upton nears to zero years unexpired, the the greater the reduction in the value of the property. If the residual term has, beyond one hundred years to run then this decrease may be of little impact however there will become a stage when a lease has less than 80 years remaining as part of the premium you will incur is what is known as a marriage value. This could be significant. It is the main rational as to why you should consider extending without delay. Many flat owners in Upton will meet the qualifying criteria; that being said a lawyer can confirm if you qualify to extend your lease. In certain situations you may not qualify, the most frequent reason being that you have not been the owner of the property for two years.

Upton property with a lease extension is almost the same value as a freehold

Leasehold properties in Upton with over 100 years outstanding on the lease are often referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges merit it.

Mortgage lenders may not issue a mortgage with a short lease

Lenders do not lend on short residential leases. You are likely to experience difficulties where you want to sell your flat in Upton if the unexpired term of your lease is under the criteria set by the majority of banks and building societies. Different lenders have different criteria but on the whole theyrequire an unexpired term of at least 65 years.

Get in touch with one of our Upton lease extension solicitors or enfranchisement solicitors

Engaging our service gives you increased control over the value of your Upton leasehold, as your property will be more valuable and marketable in respect of lease length should you want to sell. The conveyancing solicitors that we work with have a in-depth market knowledge handling many hundreds of lease extensions or freehold purchase transactions.

Upton Lease Extension Case Studies:

Paige, Upton, Merseyside,

Subsequent to unsuccessful correspondence with the landlord of her ground floor flat in Upton, Paige started the lease extension process just as the lease was nearing the crucial 80-year deadline. The legal work was concluded in August 2006. The freeholder’s fees were kept to an absolute minimum.

Upton case:

Ms Catherine Alexander was assigned a lease of a ground floor flat in Upton in August 1998. We are asked if we could estimate the price would be to extend the lease by a further 90 years. Identical premises in Upton with a long lease were in the region of £245,000. The average amount of ground rent was £50 billed quarterly. The lease ended on 7 January 2094. Given that there were 68 years unexpired we calculated the premium to the landlord for the lease extension to be between £9,500 and £11,000 exclusive of expenses.